At Investor Junkie, we reviewed over 100 investing and personal finance services. Our goal is to bring you the most honest, simple, and informative reviews. Turns out, users also want to compare specific services.
This review compares WiseBanyan and FutureAdvisor. The better service depends on your needs. So let's dive in!
According to our readers (you!), when it comes to robo advisors, people care most about the fees, minimum investment requirements, and whether or not the service supports for 401(k) plans. Let's look at how WiseBanyan and FutureAdvisor stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. WiseBanyan has a fees starting at 0% fee per year. To contrast, FutureAdvisor has annual fees of 0.50%.
When it comes to fees, WiseBanyan is the cheaper service.
Let's consider the minimum investment that's required to use both WiseBanyan and FutureAdvisor.
At $1, WiseBanyan requires a smaller minimum deposit.
When it comes to support for 401(k) plans, there is a clear line of division. FutureAdvisor does offer support for 401(k) plans, while WiseBanyan does not. If you are someone who wants input on your employee-sponsored retirement account, FutureAdvisor will be your option.
WiseBanyan is a free robo advisor service with no hidden charges. The base service includes automatic portfolio rebalancing and low minimum deposit. From our testing, they are the cheapest service in their category. On the downside, we question if their business model is sustainable.
FutureAdvisor lets you test-drive its service for free and is one of the few robo advisors that can manage your 529 college savings plan. However, the bad news is the service's fees are higher than those of most of its competition.
|Review||WiseBanyan Review||FutureAdvisor Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||None — Basic services are free||0.50%/year|
|Accounts Available||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, 529, Coverdell|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||Yes — All Taxable Accounts||Yes — All Taxable Accounts|
|Retirement Planning Tools||No||Yes|
|Automatic Deposits||Weekly, Monthly and Quarterly||Daily, Weekly, Biweekly, Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||Apex Clearing|
|Socially Responsible Investing||No||No|
|Invests in Commodities||No||Yes|
|Invests in Real Estate||Yes||Yes|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Apple Watch, Android App||Website, iOS App, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 8A-4P PT; Email||Phone: M-F 8:30A-5P PT; Email|
|Assets Under Management||$94M||$1B|
|Number of Accounts||25K||7K|
|Sign Up||Sign Up|